A group of BYJU’s creditors has asked the edtech gaint to repay a portion of the $1.2 billion Term B loan it received last year.
As the edtech renegotiated the terms of the debt, the creditors recently bought into the loan. The edtech giant is being urged to use the $850 million in cash reserves of its US unit to pay off some of the debt. Houlihan Lokey Inc. has been hired by the lenders to provide advice on amending the covenants. The edtech giant is looking to restructure its term loan, seeking more lenient terms on the same. BYJU’s losses increased nearly 20X year on year (YoY) to INR 4,588 Cr on a total income of INR 2,428.3 Cr in FY21.
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A group of BYJU’s creditors has asked the edtech gaint to repay a portion of the $1.2 billion Term B loan it received last year.
As the edtech renegotiated the terms of the debt, the creditors recently bought into the loan. The edtech giant is being urged to use the $850 million in cash reserves of its US unit to pay off some of the debt. Houlihan Lokey Inc. has been hired by the lenders to provide advice on amending the covenants. The edtech giant is looking to restructure its term loan, seeking more lenient terms on the same. BYJU’s losses increased nearly 20X year on year (YoY) to INR 4,588 Cr on a total income of INR 2,428.3 Cr in FY21.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
